UPDATE: Canaccord Initiates Range Resources with Buy on Positive Outlook

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on Range Resources Corp. RRC with a Buy rating and $93.00 price target. In the report, Canaccord Genuity noted, “We believe that RRC can achieve its 20%-25% per year production growth goal for many years. With over 7,000 highly productive, low-risk wells yet to drill in just its core SW Marcellus acreage and with improving drilling and completion techniques leading to ever-greater cost efficiencies, we view RRC as one of the top-performing US natural gas/NGL producers.” Range Resources Corp. closed on Monday at $77.66.